In a standard dynamic stochastic general equilibrium framework, with sticky prices, the cross sectional distribution of output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability that the ith changes its prices in response to a shock. In this Calvo setup the moments of the cross sectional distribution of output and inflation depend
This paper investigates the effect of economic integration on the ability of firms to maintain a collusive understanding about staying out of each other's markets. The paper distinguishes among different types of trade costs: ad valorem, unit, fixed. It is shown that for a sufficient reduction of ad valorem trade costs, a cartel supported by collusion on either quantities or prices will be
The German electricity market is facing two major challenges: competition and climate protection. The liberalization of the electricity sector in Europe following the directive on the single internal market is increasing competition between suppliers of electricity, while the trading in emissions certificates, which started in January 2005, aims at reducing emission of carbon dioxide. This gives a
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